Security Asset Management reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,430 shares of the company’s stock after selling 639 shares during the period. Security Asset Management’s holdings in AbbVie were worth $1,071,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Iowa State Bank raised its position in AbbVie by 3.6% in the first quarter. Iowa State Bank now owns 71,888 shares of the company’s stock valued at $4,684,000 after buying an additional 2,496 shares in the last quarter. Dynamic Advisors Solutions LLC raised its position in AbbVie by 680.0% in the first quarter. Dynamic Advisors Solutions LLC now owns 69,407 shares of the company’s stock valued at $4,523,000 after buying an additional 60,509 shares in the last quarter. Hamlin Capital Management LLC raised its position in AbbVie by 14.6% in the first quarter. Hamlin Capital Management LLC now owns 1,244,866 shares of the company’s stock valued at $81,115,000 after buying an additional 158,763 shares in the last quarter. Alerus Financial NA raised its position in AbbVie by 0.8% in the first quarter. Alerus Financial NA now owns 35,236 shares of the company’s stock valued at $2,296,000 after buying an additional 273 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. raised its position in AbbVie by 1.6% in the first quarter. Penobscot Investment Management Company Inc. now owns 89,520 shares of the company’s stock valued at $5,833,000 after buying an additional 1,440 shares in the last quarter. Hedge funds and other institutional investors own 67.69% of the company’s stock.
AbbVie Inc. (ABBV) traded up 0.51% during midday trading on Friday, hitting $72.48. 3,871,184 shares of the stock were exchanged. The firm has a market capitalization of $115.54 billion, a P/E ratio of 17.83 and a beta of 1.50. The firm’s 50-day moving average price is $71.65 and its 200 day moving average price is $67.49. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $75.04.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The firm had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the business earned $1.26 earnings per share. AbbVie’s revenue for the quarter was up 7.6% on a year-over-year basis. Analysts expect that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Friday, July 14th were given a dividend of $0.64 per share. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.53%. AbbVie’s dividend payout ratio is 62.90%.
Several research analysts have recently issued reports on the company. BMO Capital Markets restated a “market perform” rating and issued a $66.00 price target on shares of AbbVie in a research report on Wednesday, May 17th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research note on Thursday, August 3rd. Evercore ISI assumed coverage on AbbVie in a research note on Wednesday, August 16th. They set an “outperform” rating and a $95.00 price objective on the stock. Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a research note on Thursday, June 22nd. Finally, Vetr downgraded AbbVie from a “buy” rating to a “hold” rating and set a $72.72 price objective on the stock. in a research note on Wednesday, June 14th. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $76.02.
In related news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the completion of the transaction, the chairman now owns 469,623 shares in the company, valued at $33,343,233. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Laura J. Schumacher sold 79,800 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the transaction, the insider now owns 187,625 shares of the company’s stock, valued at approximately $13,133,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 490,491 shares of company stock valued at $34,684,639. 0.23% of the stock is owned by company insiders.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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